Standard Deduction

IRS Publication 15.

-- Phil Marti Clarksburg, MD

It doesn't quite work that way, but for all you ever wanted to know about calculating income tax withholding, see IRS Publication 15.

-- Rich Carreiro snipped-for-privacy@animato.arlington.ma.us

The Standard Deduction (for your filing status) has no connection to whatever payroll schedule you happen to be on. So, what is this going to do for you? The easiest answer is to divide the SD by the number of pay periods in a year. Should be a pretty easy chart to construct. Just realize that you qualify to use the standard deduction whether you work for one week, one month or one year.

I don't think you mean "standard deduction" which is the amount that you can reduce your taxable income by instead of using actual itemized deductions when you file your taxes. For 2006 that amount is $5,150 for single, $10,300 for MFJ and $7,550 for HOH. It has nothing to do with how you are paid. Do you mean the amount that is _withheld_ from each paycheck for paying your federal income tax? If so, the amount that is withheld each pay period is dependent on the information you provided to your employer on your W-4 form. If you have more than one employer or if you have other taxably sources of income not subject to withholding, such as interest income or dividends, then you may need to ask for an additional amount to be withheld each pay period to make up for the shortfall (or pay quarterly estimated taxes instead). To find out the proper amount that should be withheld for you and your particular circumstances there is a withholding calculator on the IRS web site that will give you the numbers that I think you are asking for:

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-Ernie-

Try arithmetic. STD/52 or STD/26 or STD/12 or STD/24. You can find the 2007 STD in the 2007 Form 1040-ES:

-- Alan

Easy. Just take the annual deduction (10,300, 5150, etc (for 2006) and divide by 52 (weekly) 26 (bi weekly), 24 (semi monthly or 12 (monthly). And if you're concerned with 2007, use those amounts.

ChEAr$, Harlan Lunsford, EA n LA